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The latest thoughts and insights from Geoff Lee and GLM Mortgage Group | Dominion Lending Centres
Pros and Cons of Collateral Mortgages
During the past couple of years the term “collateral mortgage” has gained a bit of a negative reputation, especially since TV shows like CBC’s Marketplace have taken notice. Marketplace felt it was worth doing a segment about collateral mortgages because the lenders...
How to Match Loan to Value?
What is loan to Value? Lending money is a risky business, and lenders today look very closely at a person’s financial health before granting a loan. Lenders’ greatest concern is the loan going into default and losing their investment. To help avoid this, they look at...
Variable vs. Fixed Rate Mortgages; What You Need to Know
One of the biggest questions we receive is “What is better, variable or fixed interest rate?” The answer really depends on you! Here are some things to look at when considering a variable or a fixed rate: Risk – variable rates follow the Bank of Canada. When...
New vs Old Condo Purchase
The desire to own something new is always there however in the Vancouver market (and all throughout Canada) there are often some great older homes and condos that are renovated with lots of character. The debate on purchasing New vs Old is often a discussion with...
Interest Rate Hike Puts Investors at Risk
Canadian Real Estate Watch has a great article about Investors and the eminent rate hikes that are in order for the fall. It’s important to be prepared for rate hikes that will soon be coming our way. This article offers a strategy to be ready when they come. ...
Subject-Free Isn’t Always Hassle-Free
Subject-Free Isn’t Always Hassle-Free Here is an interesting article about the growing trend in subject free offers. A well thought out offer is much more secure than an offer that is impulse driven. Make sure you know what you are buying! And give me a call to make...
Big City Housing for Young Professionals
Looking for opportunities to invest or do you want to buy affordable urban housing? There seems to be a new trend in Big City housing for young professionals. Check out this article from Canadian Real Estate Wealth. The big new thing is small A Canadian...
Finding good renters can be pretty challenging
Finding good renters can be pretty challenging. But perhaps the biggest challenge is in how you advertise your suite so that it is attractive to renters that are most ideal. Here are some tips on how to rent to my #1 choice in renters, taken from Canadian Real Estate...
4 Critical Questions You Must Ask When Working With Any Mortgage Broker
Question #1: What’s the best rate you can get me? Remember, if you shop for your own mortgage, you can not easily compare rates and terms of the various banks. The advantage of a mortgage broker is he/she will do a rate comparison and show you what you qualify for. A...
How to Determine the Best Mortgage for Your Situation
The most important step in determining the best mortgage for your situation is to have a personal budget in place. Begin by having a complete understanding of your expenses. And, keep in mind, buying a home comes with several associated costs, including a down...
5 Common Mistakes to Avoid When Shopping for a Mortgage
Mistake #1: Thinking banks are the first and best place to go for a mortgage. Mortgage brokers can often beat bank rates by using different lending institutions. The biggest and most common misconception is you must go to a bank to get a mortgage. But, if you...
Common Tactics Some Mortgage Brokers and Banks use to lure you into a loan or refinancing
Short of flat out committing fraud, sometimes agents will put you in a product and not fully explain the penalties, lawyer fees, brokerage fees, etc. You’ll occasionally also get hit with appraisal and inspection fees. The only time mortgage brokers should be...
The Mortgage Financing Process
The number one question a home buyer often has is “What does the mortgage process entail?” In very simple terms, following is an outline of the process upon which you are about to embark: a. Get pre-approved: Avoid any hiccups or obstacles before you begin the...
Information for the Credit – Challenged Simple Credit Secrets You Can Use To Improve Your Chances of Getting The Mortgage You Want
The most important step in getting approved for a loan with bad credit is to improve your credit score. If you had a bankruptcy, once your bankruptcy has been discharged, you can apply for a secured credit card. Do a little searching online and you’ll find...
The Benefits of Using a Mortgage Broker Rather Than Approaching Your Bank Directly
A mortgage broker’s job is to work for you as the liaison or connection to a lender. You benefit because you don’t have to deal directly with different lenders or shop from bank to bank in search of the best rate and places where you qualify. Basically, when...
Changes in CMHC Premiums
As a result of its annual review of its insurance products and capital requirements, CMHC is increasing its homeowner mortgage loan insurance premiums for homebuyers with less than a 10% down payment. Effective June 1, 2015, the mortgage loan insurance premiums for...
Have you applied for your home owner grant
It is City Tax Payment time…. Have you applied for your home owner grant? Just want to give you a heads up that city taxes are due July 2, 2015. You HAVE to apply every year for your homeowner’s grant and additional grants that affect anyone 65 or older. Here is some...
What Are Your Financing Options
Private lending is a tool that many mortgage brokers don’t access as it feels far too complicated and remains somewhat of a mystery. But a good mortgage broker will always know ALL the options for financing your mortgage. At GLM Mortgage Group, we access every...